China’s Geely automaker doubled profit for the first half of the year

Almaty. August 16. Silkroadnews – China’s Geely Automobile Holdings Ltd doubled its profit for the first half of the year, the Malaysian newspaper The Star reported.
“China’s Geely Automobile Holdings Ltd said on Wednesday that first-half profit more than doubled, scoring its fastest earnings growth in eight years as cars designed with its Swedish unit Volvo won over domestic consumers”, the report says.
It is noted that cars engineered with Volvo know-how, such as the GC9 sedan and the Boyue sports car, showed excellent sales in China, the world’s biggest vehicle market.
Reportedly, the company’s results in 2017 exceeded expectations, despite some decline in China’s market as a whole.
“Net profit came in at 4.34 billion yuan (US$648.96 million), 128% higher than the 1.91 billion yuan it made in the same period a year earlier and eclipsing an estimate of 3.61 billion yuan from CCB International”, the publication reads.
According to report, sales grew 89% in January-July, and last month Geely increased its sales target for 2017 10% up to 1.1 million vehicles. Last year, the company sold 766,000 cars.
Next year Geely plans to market its third brand Lynk&Co. to the markets of developed countries beginning with Europe and the United States. Geely also plans to use more Volvo-developed technologies, including small turbo-charged gasoline engines.
It is noted that Geely parent company – Zhejiang Geely Holding Group owns the production of London’s “black cabs”. In addition, this year it acquired a 49.9% stake in the Malaysian automaker Proton.